Pension costs for state government workers reached an all-time high in 2016, consuming 25 percent of the state’s general budget.1 Today, more than $8 billion of the state’s yearly $32 billion budget goes to pay for pension costs, sapping tremendous amounts of money from social services for the developmentally disabled, grants for low-income college students, and aid to home...View Report
The Senate’s “grand bargain” contains a one-year spending “cap” that won’t improve fiscal responsibility. A real cap must come with structural spending reforms to return spending to a level that taxpayers can afford.
Gov. Bruce Rauner has suggested funding CPS with tax increment financing, or TIF, funds; this would temporarily bail out the district, but more needs to be done to address serious concerns about Chicago’s TIF program.
The Senate adjourned yesterday without taking any votes on the "grand bargain."
The proposal would be part of the Senate’s “grand bargain,” which also includes a multibillion-dollar income tax hike.
A new report from the Commission on Government Forecasting and Accountability shows Illinois has experienced falling tax collections, which may indicate trouble in the state economy; spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.
As pressure mounts on state senators and representatives to vote in favor of multibillion-dollar tax hikes, lawmakers should remember the promises they’ve made to taxpayers.
The Illinois Senate’s proposed budget plan would raise the personal income tax rate to at least 4.95 percent with no real reforms to address the state’s skyrocketing debt and unsustainable spending. This proposal comes despite Illinois’ loss of $14 billion in annual income and hundreds of thousands of people in the wake of the 2011 income tax hike.
The Illinois Senate’s budget “compromise” hits Illinoisans with more than $5 billion in tax hikes, continued budget deficits and no real reforms.
The Senate on Inauguration Day took action to limit the power of its legislative leaders. Meanwhile, House Democrats re-elected Mike Madigan as House speaker, ensuring he will become the longest-tenured legislative leader in modern American history.
The new budget plan coming out of the Illinois Senate does little to nothing to reform the state’s reckless spending and financial mismanagement, but does plenty to hurt state taxpayers.